Mortgage Rates July 29th, 2013

There’s been a small drop in the best 5 year fixed rate term since last weeks mortgage rate review. Here’s the best mortgage rates for July 29th, 2013:

What are today’s mortgage rates?

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Best 5 Year Fixed Rate is 3.19%

The best 5 year fixed rate mortgage is 3.19%. This is the RMG Low Rate Basic Mortgage. The RMG Low Rate Basic mortgage would suit a home buyer that wants a low 5 year fixed rate mortgage rate and they expect to be staying in the same home for the entire term. It comes with 20/20 pre-payment privileges and is also portable.

What’s the catch you might be asking? I always like to warn people how the RMG Low Rate Basic penalty is calculated. The penalty to break the RMG low rate mortgage is also the greater of the interest rate differential (IRD) or 3% of the outstanding balance. When choosing this type of mortgage make sure you fully understand the terms and conditions of the mortgage. While you may be saving a few hundred dollars over the course of your 5 year term if you were to break this mortgage early the penalty can be substantially higher than another lenders offering.

This weeks product is the CHIP Home Income Plan. Unlike a traditional mortgage in which you make regular payments, a CHIP Home Income Plan mortgage pays you. This product is available exclusively for homeowners age 55 and older and is secured by the equity in your home. Check out this video for more information.

Mortgage Rate Hold

Do you need a mortgage rate hold? Getting pre-approved is easy and once your application is completed I’ll be able to lock in your rate for up to 120 days.